ONE OF the country’s biggest listed menswear suppliers crashed nearly 70 per cent in trading yesterday after its largest customer, Marks & Spencer, signalled a reduction in orders for the firm.
Bagir Group, which floated last month, was forced to issue a profit warning due to the reduction in M&S orders, sending shares down 68 per cent. Bagir, chaired by ex-Moss Bros chairman Keith Hamill, supplies suits to firms like Topman, Burton as well as M&S. M&S declined to comment.
N+1 Singer, Bagir’s nominated adviser, said revenues would be $15m (£8.9m) lower this year, setting up a $2m loss and higher debts for the company.
Boss Danny Taragan said it was a “major disappointment,” adding that the firm “plans to take the necessary actions to help mitigate these issues”. Bagir said it had obtained waivers on its bank debt. The company is listed on the alternative investment market.